On May 22nd, Jia Yueting, the founder and chief product and user officer of FF, once again released a video, stating that “one day FF will return to China.”.
From LeEco’s peak market value of 150 billion yuan, to being trapped in a financial crisis and unable to escape, and ultimately going to the United States to build cars, Jia Yueting has always been negatively affected.
In the video, when it comes to negative reviews, he said that he was initially angry, but after a few years, he didn’t pay much attention to negative reviews, “let alone care and be angry. The key is whether he is creating something unique and valuable.”.
In his view, the pure self clears. As time goes by, everyone will gradually understand the truth, but when necessary, it will be clarified. “However, the most important thing is to strive, innovate, and grow. Strengthening oneself is the best way to fight back.”.
Recently, regarding the funding, delivery, and delisting risks faced by FF, Jia Yueting stated that he will initiate the commercialization of personal IP to make money and build cars. Together with the company’s management team, he will take all feasible measures to strive for the company to maintain its compliant listing status and launch a battle to defend FF’s qualification as a listed company.
Although the statement was later announced by FF stating that the relevant video was posted by Jia Yueting in his personal capacity, the comments in the video were not approved by the company, and the company’s board of directors was not considering appointing Jia Yueting as co CEO.
However, Jia Yueting’s series of actions did indeed drive up FF’s stock price.
On May 20th, FF’s stock price continued to soar by 74.76%. If we start from the historical low of $0.038 set by FF on May 3rd, in just over two weeks, the cumulative increase in FF has exceeded 4600%. If we compare it to the high point of $3.9 set last week, the maximum increase is more than 100 times. However, on May 21st, FF’s stock price plummeted by 22.78% to $1.39 per share.
However, based on current performance, FF, which was almost delisted due to its low stock price, has risen above the delisting red line of $1 and has temporarily retained its listing qualification.
However, with a market value of less than $60 million, it is still a drop in the bucket for a car company that consumes a huge amount of investment and research and development.
And behind this surge, it is clearly unrelated to FF’s performance. Since Jia Yueting founded FF in 2014, the cumulative delivery volume of FF’s first mass-produced car, FF 91 (picture), has only exceeded ten vehicles.
Industry insiders believe that it coincides with the US government announcing a four fold tariff on imported electric vehicles from China. When Jia Yueting labels FF as a “China US automotive bridge”, it may be the only Chinese concept stock of electric vehicles that will not be affected by the ban, which also brings some room for imagination.